Property Type

HFF Completes Sale of Office Building in Lake Jackson

by Taylor Williams February 23, 2017

LAKE JACKSON, TEXAS — HFF has closed the sale of the DOW Administration Building, a 230,000-square-foot, Class A office building in Lake Jackson. Situated on a 13.4-acre site on Texas Highway 322 near Abner Jackson Parkway, the four-story building, which is fully leased to The Dow Chemical Company, is roughly 42 miles south of downtown Houston. Danny Miller, Mark West and Martin Hogan of HFF represented the seller, CORE Real Estate LLC, in the transaction. The firm also procured the buyer, Cole Corporate Income Trust II Inc.

February 23, 2017

Marcus & Millichap Brokers Sale of 54,000 SF Industrial Property in Garland

by Taylor Williams February 23, 2017

GARLAND, TEXAS — Marcus & Millichap has negotiated the sale of a 54,000-square-foot industrial property at 3605 Security St., near the intersection of South Jupiter and West Miller roads in Garland, a northeastern suburb of Dallas. The property, leased to Andreola Terrazzo & Restoration, a stone restoration company, underwent roughly $450,000 of renovations in 2015. Adam Abushagur of Marcus & Millichap represented the seller and procured the buyer, both of whom are private investors.

February 23, 2017

Retail Texas

Finial Group Affiliate Unloads Retail-Zoned Land in Navasota, Texas

by Taylor Williams February 23, 2017

NAVASOTA, TEXAS — An entity related to Finial Group has sold 12.6 acres of land zoned for retail on Highway 6 near Highway 105 in Navasota, a city located roughly halfway between Houston and College Station. The Finial Group-related partnership originally purchased the site in February 2016.

February 23, 2017

Retail Texas

SACA Arranges Sale of Retail Center in San Antonio

by Taylor Williams February 23, 2017

SAN ANTONIO — San Antonio Commercial Advisors (SACA), an affiliate of Cushman & Wakefield, has facilitated the sale of Shavano Square, a 25,182-square-foot retail property situated on 2.3 acres at 411-4477 De Zavala Road in San Antonio. Located near Clark High School and Shavano Park on the city’s outskirts, the center was 91 percent occupied at the time of sale to tenants such as Sol y Luna Bakery, Nationwide Insurance and Saldivar Martial Arts. SACA’s Bradley Suttle and Brent Smith represented the seller, CWI Holdings LLC, and secured the buyer, an undisclosed company based in Texas.

February 23, 2017

Office Texas

NewGate Development Set to Open Shared Office Space in Greater Dallas

by Taylor Williams February 23, 2017

PLANO, TEXAS — NewGate Development plans to open CityCentral, a coworking and executive office space in Plano, a northern suburb of Dallas. Located on Spring Creek Parkway west of the Dallas North Tollway, CityCentral totals 36,000 square feet of workspace, including a 12,000-square-foot creative collaboration center. The property is scheduled to open March 1.

February 23, 2017

Loans Midwest Missouri Multifamily

Berkadia Arranges Land Sale and $52M Construction Financing for Multifamily Property in Chesterfield, Missouri

by Kristin Harlow February 23, 2017

CHESTERFIELD, MO. — Berkadia has arranged the sale of and financing for Watermark at Chesterfield Village, a 12.7-acre multifamily site located in Chesterfield. Watermark Residential purchased the land site with plans to complete construction in late 2018. The property will be located at the southwest corner of Chesterfield Parkway and Lydia Hill Drive. Sachs Properties was the seller. Kenneth Aston and Andrea Kendrick of Berkadia completed the land sale on behalf of the buyer. Kevin Kozminske and Michael Duggan of Berkadia arranged the financing, securing a $52 million loan through Simmons Bank.

February 23, 2017

Florida Industrial Southeast

MDH Partners Acquires 3.3 MSF Industrial Portfolio in Florida

by John Nelson February 23, 2017

MIAMI, ORLANDO AND JACKSONVILLE, FLA. — Atlanta-based MDH Partners LLC has purchased a portfolio of 23 distribution buildings in Florida totaling more than 3.3 million square feet. The Class A and B properties are located in Miami, Orlando and Jacksonville. The sales price was undisclosed. Hank Hall and Kevin Troy of Colliers International’s Atlanta office arranged $134 million in acquisition financing through Bank of America, Wells Fargo and Synovus Bank on behalf of MDH. Since May 2014, the company has purchased or developed 93 industrial properties totaling more than 11.7 million square feet. MDH’s other assets are located in Atlanta, Memphis, Tampa, Charlotte, Raleigh, Greenville, Winston-Salem, Norfolk and Richmond.

February 23, 2017

Affordable Housing Indiana Loans Midwest Multifamily

KeyBank Provides $49.7M Construction Loan for Affordable Housing Property in Greenwood, Indiana

by Kristin Harlow February 23, 2017

GREENWOOD, IND. — KeyBank Real Estate Capital has provided a $49.7 million loan for the construction of The Gables Apartments in Greenwood, south of Indianapolis. Herman & Kittle Properties Inc. will develop and own the property. The affordable housing complex will consist of 274 units, with 222 set aside for low-income families. Construction is slated for completion in 2018. KeyBank provided a $23.4 million construction loan, a $17 million Freddie Mac tax exempt loan and $9.3 million in the form of Low Income Housing Tax Credit equity. Al Beaumariage, Kyle Kolesar and Victoria O’Brien of KeyBank arranged the financing.

February 23, 2017

Florida Multifamily Southeast

Cushman & Wakefield Brokers $42M Sale of Apartment Community in Melbourne, Florida

by John Nelson February 23, 2017

MELBOURNE, FLA. — Cushman & Wakefield has arranged the $42 million sale of Highlands Viera West, a 240-unit, Class A apartment community located at 2185 Judge Fran Jamieson Way in Melbourne, a town along the Atlantic Ocean in Brevard County. Atlanta-based JMG Realty Group purchased the asset from Atlanta-based Branch Properties for roughly $175,000 per unit. Built in 2007 on 14.8 acres, the community includes one-, two- and three-bedroom loft and townhome units averaging 1,265 square feet. Community amenities include a resort-style swimming pool, poolside kitchen and grilling area, a gazebo, fitness club with a cardio room, wine tasting lounge, billiards room with plasma TVs, internet café, media center with surround sound, elevators, covered parking, car care center and a walking trail to The Avenue Viera and Viera Market Center. Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Orlando office represented Branch Properties in the transaction.

February 23, 2017

Michigan Midwest Retail

Mid-America Brokers $14.2M Sale of Shopping Center in Flint, Michigan

by Kristin Harlow February 23, 2017

FLINT, MICH. — Mid-America Real Estate Corp. has brokered the sale of Oak Brook Square in Flint for $14.2 million. The 152,073-square-foot center is located near Linden and Miller roads, across from Genesse Valley Mall. Hobby Lobby and TJ Maxx anchor the center. Other tenants include Dollar Tree, Shoe Carnival, Buffalo Wild Wings, Plato’s Closet and Sally Beauty Supply. Atlanta-based RCG Ventures purchased the center. Ben Wineman and Daniel Stern of Mid-America brokered the transaction on behalf of the seller, Ramco-Gershenson Properties Trust.

February 23, 2017

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